CONGLOMERATE San Miguel Corp. said core profit and operating income rose in the nine months through September this year, even as revenues dipped on lower oil prices and lower generation volumes for its power business.
San Miguel said in a statement Tuesday that its consolidated operating income was up 23 percent to P58.1 billion from its core food, beverage and packaging businesses.
San Miguel said net income during the nine-month period was also up 7 percent to P26.8 billion, when removing the effect of foreign exchange-related losses, the statement showed.
The company’s financial statement on Tuesday was not immediately available for added details.
The gains came as revenue declined 15 percent to P504.5 billion, due to falling oil prices and lower generation volumes from scheduled maintenance shutdown of Malampaya facilities, Ilijan and Sual power plants.
Breaking down its business segments, the company said San Miguel Brewery Inc.’s consolidated sales revenues rose 4 percent to P58.8 billion, on the back of sustained growth in its domestic operations.
San Miguel Pure Foods Company Inc. posted a 3-percent growth in consolidated revenues to P76.6 billion, helped by the solid performance of its feeds and branded value-added businesses.
Ginebra San Miguel Inc. revenues grew 8 percent to P11.5 billion while operating income reached P396 million, a 218-percent improvement from last year.
San Miguel Yamamura Packaging Group grew its revenues 5 percent to P18.2 billion, buoyed by a 27-percent growth in its glass business and strong contributions from its Australian operations.
Operating income rose 8 percent to P1.7 billion on account of improved productivity and effective management of fixed costs, the statement showed.
As noted, SMC Global Power offtake volumes declined 5 percent to 12,345 gigawatt-hours from January to September due to lower bilateral volumes resulting from the scheduled maintenance outage of the Malampaya gas facilities.
Consolidated revenues for the power generation unit was at P59 billion while operating income ended at P19.3 billion for the period.
Petron Corp.’s consolidated net income for the first nine months amounted to P5.1 billion, 58 percent higher than last year’s P3.2 billion.
San Miguel Holdings Corp. delivered P9 billion in revenues and P5.1 billion in operating income following the consolidation of the Skyway 1 and 2 and the South Luzon Expressway in March 2015, San Miguel said.